Meta announced on Wednesday that it was reorganizing some of its biggest businesses, resulting in job cuts at Instagram, Reality Labs, and WhatsApp.
The most recent layoffs at Meta are a sign that some employers are willing to make recurring cutbacks.
That’s a change from a “big cuts” mentality.
The September jobs report revealed that industries such as healthcare, government, social assistance, and construction are steadily adding jobs, painting a somewhat positive picture of the job market.
However, despite the stability in these sectors, other parts of the economy are seeing increased job cuts, especially in tech.
Although layoffs remain low overall, there has been a notable increase in job cuts in specific areas. Companies are not only laying off workers, but also slowing their hiring processes. Businesses are increasingly turning to artificial intelligence (AI) as a cost-cutting measure.
All eyes are on the job market as investors eagerly await signs of whether the economy is headed for a soft landing or a downward plummet.
